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March 2018 Santa Clara Rent Report

Welcome to the March 2018 Santa Clara Rent Report. Santa Clara rents increased over the past month. In this report, we'll evaluate trends in the Santa Clara rental market, including comparisons to cities throughout the state and nation.

March 2018 Santa Clara Rent Report

Welcome to the March 2018 Santa Clara Rent Report. Santa Clara rents increased over the past month. In this report, we'll evaluate trends in the Santa Clara rental market, including comparisons to cities throughout the state and nation.

Santa Clara rents increase sharply over the past month

Santa Clara rents have increased 1.4% over the past month, and have increased significantly by 4.2% in comparison to the same time last year. Currently, median rents in Santa Clara stand at $2,120 for a one-bedroom apartment and $2,660 for a two-bedroom. Santa Clara's year-over-year rent growth leads the state average of 3.6%, as well as the national average of 2.3%.

Rents rising across cities in California

Throughout the past year, rent increases have been occurring not just in the city of Santa Clara, but across the entire state. Of the largest 10 cities that we have data for in California, all of them have seen prices rise. The state as a whole logged rent growth of 3.6% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

Looking throughout the state, San Francisco is the most expensive of all California's major cities, with a median two-bedroom rent of $3,040; of the 10 largest California cities that we have data for, all have seen rents rise year-over-year, with Sacramento experiencing the fastest growth (+8.6%).

Anaheim, Oakland, and Fresno have all experienced year-over-year growth above the state average (6.4%, 5.8%, and 5.7%, respectively).

Many large cities nationwide show more affordable rents compared to Santa Clara

As rents have increased significantly in Santa Clara, large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Santa Clara is less affordable for renters.

Santa Clara's median two-bedroom rent of $2,660 is above the national average of $1,160. Nationwide, rents have grown by 2.3% over the past year compared to the 4.2% increase in Santa Clara.

Renters will generally find more expensive prices in Santa Clara than most large cities. For example, Dallas has a median 2BR rent of $1,100, where Santa Clara is nearly two-and-a-half times that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

San Jose

$2,030

$2,550

0.9%

3.1%

Sunnyvale

$2,230

$2,800

0.9%

4.1%

Santa Clara

$2,120

$2,660

1.4%

4.2%

Mountain View

$2,040

$2,550

1.3%

4.3%

Milpitas

$2,290

$2,880

0.5%

2.2%

Palo Alto

$2,500

$3,130

0.9%

4.2%

Cupertino

$4,030

$5,050

2.9%

4.2%

Campbell

$1,900

$2,380

0.4%

0.1%

Los Gatos

$2,330

$2,930

-0.7%

0.5%

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.